December 3, 2021
8 mins

Digital Banks in Canada: Tips for Banking Online (2023)

Unsurprisingly, most Canadians take advantage of digital banking for their everyday banking needs instead of visiting physical locations. It is the more convenient and faster way to manage finances. Not to mention, digital banks in Canada are now highly accessible across a range of devices.

Online banking has revolutionized the banking experience in Canada by providing customers with secure, convenient access to their funds with low cost and competitive interest rates.

To make the most of the excellent services offered by digital banks in Canada, it's essential to know what they offer. This article provides an overview of ten tips for easy online banking. Read on to learn more!

The Various Types of Online Bank Accounts

Many people are unaware of the numerous banking options available! In terms of services, online banks are just as resourceful as their brick-and-mortar counterparts, sometimes even more so. Here are some of the various accounts you can open:

  • Savings: Most banks offer a savings account to access online and use for transactions.
  • High-interest Savings: Here, you'll get an interest rate on your savings from 0.5% to 2.5%.
  • Chequing: This is your day-to-day spending account. You'll get all the elements of a chequing account, like a debit card, paper cheques, bill payment options, and more.
  • TFSA: This account provides the opportunity to make investments exempt from taxes for a pre-determined period.
  • RRSP: If you aim to save money for your retirement or other long-term financial objectives, a Registered Retirement Savings Plan (RRSP) is an ideal choice.
  • Senior, youth, and student account: The services are customized to the customers' requirements.

No matter your banking needs, there is a perfect account option for you! Explore the options and find the one that works best for you.

You Can Still Use Automated Banking Machines (ABMs)

Some individuals still refer to Automated Banking Machines (ABMs) as ATMs. Canadians can still utilize ABMs throughout the country and worldwide. Many people in Canada still rely on ABMs to take out money, deposit funds, and make payments.

This feature gives users access to a combined banking system that provides physical and digital banking advantages. This can be beneficial in an urgent situation when people need cash on hand but still take advantage of the ease of online banking.

The Benefits of Digital Banking in Canada

Digital Banking in Canada is Common

Are you curious about digital banking? Essentially, it is a type of banking that is entirely online. Therefore, you must understand and take advantage of its benefits to get the most out of it.


The main draw of digital banking is the ease of use and accessibility it offers. With digital banking, customers can deposit and cash cheques, pay bills, move funds, look at past transactions, and monitor their credit score – all in one location.

Better Rates

Online banking in Canada can provide better rates than you would find if you went in person due to the savings from not having to pay for rent, operations, and staff. These savings are then passed onto the customer, resulting in higher interest rates on term deposits, lower monthly or transaction fees, or direct cash payouts.


Online banking is much faster than waiting in long lines at the bank, and you still get all the help you need with just a few clicks. You can also talk to a customer service rep or chat.

Transaction Limits Are Important

If your transaction is rejected and you have the funds, it's likely because the amount you are trying to spend is over the maximum transaction limit of your account. Fortunately, this can be quickly resolved.

Your bank has a set limit for your protection – to ensure your funds aren't exposed to any fraudulent activity or glitches. If your transaction has not gone through, contact your bank and request them to raise your account limit. Some digital banks in Canada allow you to resolve these issues through your mobile device in real time.

The amount of time they will increase the limit will likely be between one and two business days. Following this, it will go back to its usual limit. You can also request that they raise the limit permanently.

There Are Many Digital Banks in Canada

In Canada, there is a variety of digital banking options available. When deciding on a bank, looking into fees, interest rates, account types, and minimum account balance requirements is essential. Several of the leading Canadian banks offering online services include:

  • Neo Financial
  • Scotiabank
  • Tangerine Bank
  • TD Bank
  • Bank of Montreal
  • CIBC
  • EQ Bank
  • Simplii Financial

Various banks provide similar services, so it is crucial to choose the one that has the best features for you.

Trust Your Bank's Security

People are generally hesitant to put their faith in the security of their personal information. However, the banking sector is highly secure despite reports of leaked financial data and compromised privacy.

Canadian digital banks can be trusted to be reliable and secure while providing customers with modern and convenient services without compromising their data.

You can be sure that your funds and data are safe and secure.

Protecting Yourself When Banking Online

It is important to be aware of your security measures and the security provided by online banking services to protect your identity and guard against potential fraud.

Here are some simple measures to protect yourself when dealing with banking matters.

  • Keep your password secure by switching it up often and using a mix of upper and lower case letters, numbers, and symbols.
  • Avoid logging into your bank account on computers in public spaces.
  • Review your bank statements regularly for any errors or suspicious activity.
  • Invest in anti-virus software and keeping it up to date is recommended to protect your data.

By taking these easy steps, you can feel confident that you are protected when using digital services. We strongly believe that everyone using digital services should follow these safety measures.

Evaluating the Value of Digital Banking

Online Banking in Canada is Safe and Secure

Certain digital banking services may impose a minimal fee to cover their costs, while others offer those services at no charge. These charges may be in the form of transaction, monthly, or annual fees.

Although there is generally a small fee associated with online banking services, the value being provided should be evaluated when deciding which provider to choose.

If you use any Canadian bank, chances are you're getting access to the following:

  • INTERAC e-Transfer
  • A bank website and corresponding mobile app
  • Tap and other pay features
  • Buy Now, Pay Later (BNPL) capabilities
  • ABM or ATM access
  • A debit card
  • A credit card account
  • A credit line

It pays to use online banking, as it provides an exceptional banking experience and allows for maximum convenience. This is a great advantage, making online banking a clear winner.

Online Banking is Less Personal

It is important to remember that digital banking does not offer the same level of personalization as traditional banking. For instance, you cannot get face-to-face interactions when using online banking, and you may not be able to get tailored advice or information.

It can be nerve-wracking to resolve a problem or gain further details.

If you are in a tricky situation, don't worry! You can get help quickly by calling the customer service line or engaging in a customer support chat. When speaking to the representative, fully explain your issue, and they will provide tailored advice.

Banks hire experienced financial personnel to staff their telephone services, providing customers with the same information available in a traditional bank setting but without having to leave their homes.

Take Advantage of Free Online Learning Resources

Confused about how to access your bank's digital services? Financial institutions commonly offer educational materials that can be used to simplify the learning process. In addition, various forms of content, such as visual guides and video tutorials, are available to help make transitioning to online banking easier.

If you're having difficulty, use your bank's website to quickly and easily find the necessary information.

Digital Banks in Canada Exist for Your Convenience

Few Canadians prefer to do their banking in person nowadays, and it's understandable why. Digital banking provides Canadians with a convenient and accessible way to manage their finances anytime, anywhere.

Fintech has progressed to where people can quickly and easily take care of their financial needs, such as payments, deposits, and transfers, anytime and anywhere.

Are you looking for a hassle-free way to manage your finances? Creditpicks offers tailored financial education and access to the best Canadian credit products. We keep up with all the latest digital banking trends in Canada. Explore all of our services, such as unsecured loans.

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